Headland Capital Partners explains how private equity works, with a focus on Asia. It is written for analysts, students, founders and prospective investors who want to understand a fund, a deal or a rule before they sit across the table. The 18 pages published so far cover how a fund is built and paid, how the main strategies differ, how a firm investigates a deal, the Hong Kong market and the Hong Kong rules for a fund and its manager, with the Singapore and Cayman fund types alongside. Together they cite 191 sources, 112 of them from regulators or standards bodies.
What you will find
- How private equity works: What private equity is and how a fund works: general and limited partners, where limited liability stops, capital calls, management fee and carry, the J-curve, and the return measures IRR, MOIC, DPI and TVPI.
- Strategies and investment approach: How buyout, growth equity and venture capital differ, how a leveraged buyout is financed, how a firm moves from first look to exit, and what the Asia-Pacific deal mix looks like.
- Asia markets: Asia-Pacific private equity in numbers: market size, hubs, deals and exits, then Hong Kong in detail: capital under management, fund registrations, tax rules, the 2026 tax bill and IPO exits.
- Regulation and fund structures: The Hong Kong limited partnership fund regime and the SFC Type 9 licence: who qualifies, how registration works, who needs a licence, and what it costs.
- Deals, valuation and exits: How a private equity firm tests a deal before it invests: the funnel from first look to closing, the checks run, who does the work and who decides.
What is left out
This site does not recommend funds, managers or securities, does not forecast returns and does not rank firms. It does not publish fund performance as an invitation to invest. Anyone considering an investment needs advice from a licensed professional who knows their circumstances.
Who writes it
Pages are signed by the Headland Capital Partners editors, a small editorial team. No single person's opinion carries a page: each claim stands on a source that is linked, dated and listed at the foot of the page, so a reader can check it without trusting the editors. Where a rule depends on a person's status, such as a professional investor, the page quotes the rule text and its date.
How a page is made
- Question first. The editors pick the question a reader brings and open the regulator's rule, the standards body's text or the filing before anything else.
- Passages saved. Every figure, rule and definition is tied to a quoted passage in a saved copy of its source. A statement with no passage is dropped.
- Scripted checks. Scripts confirm the quote is in the saved source, that every number on the page is in a quoted passage and that the same fact reads the same on every page.
- Dated. Each page shows when it was published and last checked, and each source shows the day it was read.
Reach the editors
Write to editors@headlandcp.com with the page address and, if you can, the passage that shows the right fact. Details on the contact page.